Canada Pension Plan Investment Board Has $28.23 Million Stake in CubeSmart (NYSE:CUBE)

Canada Pension Plan Investment Board boosted its position in CubeSmart (NYSE:CUBE) by 6.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 625,000 shares of the real estate investment trust’s stock after purchasing an additional 36,000 shares during the quarter. Canada Pension Plan Investment Board owned about 0.28% of CubeSmart worth $28,231,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CUBE. Covestor Ltd grew its position in CubeSmart by 11.8% during the first quarter. Covestor Ltd now owns 2,637 shares of the real estate investment trust’s stock worth $119,000 after buying an additional 278 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of CubeSmart by 14.7% during the 2nd quarter. Fifth Third Bancorp now owns 2,425 shares of the real estate investment trust’s stock worth $110,000 after purchasing an additional 311 shares in the last quarter. Whittier Trust Co. grew its holdings in shares of CubeSmart by 136.9% during the 2nd quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 323 shares in the last quarter. Mirador Capital Partners LP increased its position in shares of CubeSmart by 2.7% in the second quarter. Mirador Capital Partners LP now owns 15,627 shares of the real estate investment trust’s stock worth $706,000 after purchasing an additional 406 shares during the period. Finally, Naples Global Advisors LLC raised its stake in CubeSmart by 1.9% in the first quarter. Naples Global Advisors LLC now owns 24,735 shares of the real estate investment trust’s stock valued at $1,131,000 after purchasing an additional 460 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CUBE shares. Evercore ISI increased their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Truist Financial boosted their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Barclays raised their target price on CubeSmart from $48.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Wells Fargo & Company lifted their price target on CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Finally, BMO Capital Markets downgraded CubeSmart from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, CubeSmart currently has an average rating of “Hold” and a consensus price target of $50.50.

CubeSmart Stock Performance

NYSE:CUBE opened at $53.94 on Monday. The stock’s 50-day moving average is $50.09 and its 200-day moving average is $45.82. CubeSmart has a 1-year low of $33.17 and a 1-year high of $55.14. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03. The stock has a market cap of $12.13 billion, a P/E ratio of 29.97, a price-to-earnings-growth ratio of 9.98 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). The business had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.66 earnings per share. Equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a $0.51 dividend. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.78%. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Insider Activity

In related news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeffrey P. Foster sold 7,739 shares of CubeSmart stock in a transaction on Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The disclosure for this sale can be found here. Over the last quarter, insiders sold 88,217 shares of company stock valued at $4,244,344. Company insiders own 1.68% of the company’s stock.

CubeSmart Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.